VNG, a diversified platform focused on gaming and media in Vietnam, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
VNG's shares are currently registered for trading on the Unlisted Public Company Market of Vietnam (UPCOM) under the symbol "VNZ", but the company notes that it expects trading to be irregular, illiquid, and below fair value.
VNG is a digital ecosystem in Vietnam, with product offerings spanning games, communications and media, fintech, and other opportunities. The company states that it is the number one mobile games publisher in Vietnam, with an estimated 39% share of the country's mobile games market by revenue in 2022. Its mobile messaging app Zalo, music streaming app Zing MP3, and online news app Bao Moi also ranked #1 in Vietnam by monthly active users in 2022.
The Ho Chi Minh City, Vietnam-based company was founded in 2004 and booked $321 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol VNG. VNG filed confidentially on May 24, 2022. Citi, Morgan Stanley, UBS Investment Bank, and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
